Top business school IIM Bangalore is set to see a change in its governing body with top industrialist Mukesh Ambani being replaced by Kiran Mazumdar Shaw as chairperson.

Sources said that Reliance Industries (RIL) chairman Mukesh Ambani is quitting as Chairperson of the school's Board of Governors due to his busy schedule with other business engagements.

While there was no official word from the school, Shaw confirmed on Twitter that she would be assuming the role of Chairperson.

A formal announcement would be made after getting necessary clearance from the Ministry of Human Resource Development.

Shaw, who is the chairperson of pharma major Biocon Ltd, is already a member of the school's Board of Governors.

The board oversees the management and provides strategic direction to the Indian Institute of Management Bangalore (IIMB), which was established in 1973.

IIMB, ranked the top management schools, is the first in Asia to sign an agreement with Harvard Business Publishing (HBP) to distribute faculty teaching cases. It has also entered into a partnership with Richard Ivey School of Business to co-brand and distribute faculty-authored cases globally, according to its website.